Following a review of Italy-based Società Cattolica di Assicurazione (Cattolica) under our revised insurance criteria, we are affirming our 'BBB' ratings on the company. The ratings reflect our view of Cattolica's satisfactory business risk profile and its lower adequate financial risk profile, based on its strong competitive position and weak capital adequacy. The negative outlook incorporates potential deterioration in Cattolica's capital adequacy as a result of unfavorable economic and financial trends in Italy. On July 4, 2013, Standard&Poor's Ratings Services affirmed its 'BBB' long-term insurer financial strength and counterparty credit ratings on Italy-based composite insurer Società Cattolica di Assicurazione (Cattolica). The outlook is negative. The ratings reflect our view that Cattolica has a satisfactory business risk profile, and
